PA RESOURCES: UPDATE FOR THE EL BIBANE PROJECT
The operator Candax Energy reports that the development of the El Bibane field in Tunisia is progressing, but that the final completion of the project is now expected in March.
The operator Candax Energy Inc. has announced that the installation of the offshore production platform and the tie in to the oil and gas export pipeline at the location of the EBB-4 well at the El Bibane field in Tunisia has been completed. Candax reports further that the pressure has been successfully tested and certified for production operational start up. The well EBB-4 will not commence production until completion of the three well drilling program and the installation of the gas recycling system. According to Candax, a considerable volume of water was lost into the EBB-4 well during the drilling of the horizontal well, which will need to be removed from the near-wellbore area by gas-lifting with the re-compressed gas.
Although continued bad weather has further delayed project completion during the month of January, the installation and tie in of the EBB-5 platform is progressing. Candax Energy reports that the jacket has been installed offshore and the topsides/deck is currently being mated and welded to the jacket. Upon completion, the gas injection line and risers will be installed and commissioned, and then the well will be tied into the onshore gas compression system. The West Titania rig is currently drilling the horizontal production section on the final well in the program, the EBB-3 well. Upon completion of drilling, the West Titania drilling rig will be released and the installation of the EBB-3 platform and pipeline hook-ups with the other wells will commence. According to Candax Energy, the full field development is now expected to be completed in March.
PA Resources owns a 25 percent working interest in the license.
A Swedish version of the press release will be published on the website www.paresources.se during the day.
Stockholm, February 5, 2008
PA Resources AB (publ)
For more information, please contact:
Ulrik Jansson
President and CEO, PA Resources AB
Telephone: +46 70 751 41 84
E-mail: info@paresources.se
PA Resources AB (publ) is a fast growing oil and gas group company with the business strategy to acquire, develop and exploit oil and gas reserves, as well as explore new findings. The Group operates in Tunisia, Norway, Great Britain, Denmark, Netherlands, Equatorial Guinea and the Republic of Congo (Brazzaville). PA Resources is today one of the largest oil producers in Tunisia. The parent company is located in Stockholm, Sweden.
PA Resources AB's net sales amounted to approximately SEK 843 Million during 2006. The company is primary listed on the Oslo Stock Exchange in Norway (segment OB Match) and secondary listed on the OMX Nordic Exchange in Stockholm, Sweden (segment MidCap). For additional information, please visit www.paresources.se.
